Today's noteworthy downgrades include: AXIS Capital (AXS) downgraded on valuation at BMO Capital... Agrium (AGU) downgraded to Underperform from Outperform at CLSA... American Capital Agency (AGNC) downgraded to Underperform from Neutral at BofA/Merrill... CF Industries (CF) downgraded to Sell from Outperform at CLSA... CYS Investments (CYS) downgraded to Underperform from Neutral at BofA/Merrill... CoreLogic (CLGX) downgraded to Underperform from Neutral at Macquarie... Coty (COTY) downgraded to Neutral from Buy at Citi... Devon Energy (DVN) downgraded on weak 2016 outlook at Oppenheimer... Dynex Capital (DX) downgraded to Underperform from Neutral at BofA/Merrill... EP Energy (EPE) downgraded to Sell from Neutral at Citi... Energen (EGN) downgraded to Neutral from Buy at Citi... Hatteras Financial (HTS) downgraded to Underperform from Neutral at BofA/Merrill... InSite Vision (INSV) downgraded to Neutral from Buy at Roth Capital... Rudolph Technologies (RTEC) downgraded to Market Perform from Outperform at Barrington... Standard Pacific (SPF) downgraded to Market Perform from Outperform at FBR Capital... Terex (TEX) downgraded to Neutral from Accumulate at Global Hunter... ZixCorp (ZIXI) downgraded to Hold from Buy at Craig-Hallum.

Piper Sandler analyst Mark Lear raised the firm's price target on Devon Energy to $60 from $59 and keeps an Overweight rating on the shares as part of a Q1 preview for the exploration and production group. Energy has been hot, almost too hot, as $90 crude potentially cools the pace of consolidation and investors looking for ways to play the data center and power demand theme turn to gas equities, the analyst tells investors in a research note. The firm adjusted oil and gas price assumptions, expecting crude pricing to remain strong through Q3 and gas pricing pressure to persist through the balance of fiscal 2024.

CF Industries and JERA , Japan's largest energy company, announced that they have executed a joint development agreement, or JDA, to explore the development of greenfield low-carbon ammonia production capacity at CF Industries' Blue Point Complex in Louisiana. The JDA will guide JERA and CF Industries' evaluation of a joint venture agreement to build an approximately 1.4M metric ton capacity low-carbon ammonia plant. JERA is contemplating a 48% ownership stake in the project as well as an agreement to procure more than 500,000 metric tons of low-carbon ammonia annually to meet demand for low-carbon fuels in Japan. JERA and CF Industries previously had signed a memorandum of understanding to explore a potential joint project development and sales and purchase of low-carbon ammonia. JERA and CF Industries aim to reach a final investment decision on the proposed project within a year for commencing production in 2028. JERA intends to replace coal with low-carbon clean ammonia in its existing thermal coal power plants to reduce CO2 emissions. JERA is currently conducting the world's first commercial-scale demonstration test of fuel ammonia substitution at its Hekinan Thermal Power Station.

TD Cowen analyst Oliver Chen lowered the firm's price target on Coty to $13 from $16 and keeps a Buy rating on the shares. The firm said recent stock pullbacks of (13%) imply modest expectations ahead of earnings but they remain constructive on the category.